How to read the cibil report?

How to read the cibil report

Did you just download the cibil report or started learning about your cibil score and are confused about what terms like cibil transunion score -1 mean? Everyone knows that it’s essential to maintain a good cibil score- we hear it from our friends family, or at the office, and definitely in the banks. While it’s quite easy to understand why the cibil score is important, downloading and understanding the cibil report can be a bit daunting task. However, before you share the cibil report with creditors, landlords, or various financial companies you must take the time to understand how to read it. This will make it extremely easy for you to have discussions about your personal finance with your accountant or when you’re applying for a loan at a bank. So let’s understand some of the key components of a cibil report:

  • Account history

Account History is a section that contains all the transactions of your account from the time it was opened. The information includes your balance, last date of transactions, outstanding balance, and credit limit. This section also contains details about the credit card linked with the account such as the card number and its expiry date, statement date, and balance at any point in time. This history can help you find out if there are any fraudulent transactions done on your account. You will also be able to see whether there are any outstanding payments to other banks or credit cards in your CIBIL report.

  • Credit inquiry

This is a list of events in the past two years when a third party accessed your credit report. Hence any time anyone checks your credit report it would pop be included in the credit inquiries list. Generally, third parties seek your credit report when you’re applying for a loan or a credit card

  • Credit summary

Credit Summary is one of the most important sections of your CIBIL report. It gives you an idea about the type of loans you have taken and also provides information about any other kinds of credit accounts that you may have had in the past. To understand how your previous loans affected your credit score you may have to use a cibil score chart.

The Credit Summary section helps you identify the types of loans or credits that you have taken in the past, as well as identify any other types of credit accounts that may be included in your CIBIL report. What Is a Credit Account? Well in simple terms, a credit account is any form of borrowing or lending. Credit accounts include loans such as personal loans and mortgages, but they can also include other types such as business loans and credit cards.

You can find out more about each kind of loan or credit by looking at the specific categories listed under your CIBIL report. For instance, if you look at your Loans category under your Credit Summary section, it will show all the different types of personal loans that you have taken over time, including both high-interest rate and low-interest rate ones.

  • Public Records

Any instances of arrests or bankruptcies along with the causes are listed in this section.

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